Celadon Group Inc. (CGIP)

[AAAAMHIM]

Been watching VERT now he's bidding and RAN TO .044 CGIP IS ABOUT TO SQUEEZE FOLKS CGIP ABOUT TO SQUEEZE!!! TINY FLOAT. CGIP UNDERVALUED BEYOND BELIEF HERE! DONT MISS THESE!!
CGIP

[willlbone]

SEC will halt trading too.

[makinezmoney]

$CGIP: HUUUUugggggeeeeeee DUMP.... down to $0.033 now


And its falling apart right now.


WOooooooooooooooooooooooooooooooo


Down she goes.


BIG TIME !


Just grabbed 250k :)



GO $CGIP

[barnyarddog]

.41 Celadon trucking ,Indianapolis,IN Files for Biggest Bankruptcy in US Trucking History

"Celadon Group, Inc. (CGIP), a top 50 US truckload carrier with around $1B revenue, filed for bankruptcy under Chapter 11 at 00:01 this morning, leaving 3-4000 employees out of work, and #truckdrivers stranded thousands of miles from home..........."

Social media channels were active this past week with speculation of #bankruptcy and operational #shutdown, including drivers stranded with inactive fuel cards over the weekend. Several #truckingcompanies offered free bus tickets home to stranded Celadon drivers, also encouraging them to apply for jobs (truck drivers are in high demand). Truckers in related social media groups offered rides and meals to #strandeddrivers.

Celadon had settled with the SEC and DOJ for $42.2M in April 2019, for an accounting scheme to cover up a $60M loss on equipment (semis), and was subsequently delisted from the New York Stock Exchange. 2 more top executives were indicted by the SEC for securities fraud last week, fueling ongoing speculation about when (not if), the company would file under Chapter 11. The publicly listed company’s stock has been falling since it’s 2015 high at over $27, to $7.50 in 2016. A strong market helped it limp through 2017/18 in the mostly sub $2 range, until today’s bankruptcy at $0.41.

Among its subsidiary companies #Osborn Transportation, Servicios de Transportacion #Jaguar, and #Taylor Express, Canadian #Hyndman Transport will reportedly cease operations,

Wishing beset of luck to these drivers getting home, and hoping all former employees a speedy resolution to their pay and good luck finding a job as we approach the holiday season.

https://bullwhiplogistics.ca/2019/12/09/celadon-files-for-biggest-bankruptcy-in-us-trucking-history/

[J.D. Penny]

This company will recover well next year. 4th Quarter is always teh best in the trucking industry and rates are climbing.

[J.D. Penny]

Bag holder(s) dumped today. Let’s see how low this thing can go.

[whytestocks]

News: $CGIP Celadon Group Divests Assets Associated with Intermodal Business Unit

INDIANAPOLIS , April 26, 2019 /PRNewswire/ -- Celadon Group, Inc. ("Celadon," the "Company," "we," or "us") (OTCPink: CGIP) announced today that it has disposed of substantially all of the assets associated with its North American "container on flat car" intermodal operations (collec...

In case you are interested https://marketwirenews.com/news-releases/celadon-group-divests-assets-associated-with-intermodal-business-unit-8066648.html

[Renee]

CGIP: SEC Charges Truckload Freight Company with Accounting Fraud:

https://www.sec.gov/litigation/litreleases/2019/lr24459.htm

The Securities and Exchange Commission today charged Indianapolis-based Celadon Group Inc. with an accounting fraud that allowed the truckload freight company to avoid disclosing substantial losses and misrepresent its financial condition.

In a complaint filed in federal court in Indianapolis, the SEC charged that between mid-2016 and April 2017, Celadon avoided recognizing at least $20 million in impairment charges and losses - almost two-thirds of its 2016 pre-tax income - by selling and buying used trucks at inflated prices from third parties. According to the complaint, as a result of the alleged scheme, Celadon overstated its pre-tax and net income and earnings per share in its annual report for the period ending June 30, 2016, and in its subsequent public filings for the first two fiscal quarters of 2017.

The SEC's complaint charges Celadon with violating the antifraud provisions of Section 10(b) of the Exchange Act and Rules 10b-5 thereunder and the books and records and reporting provisions of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder. Celadon admitted to those violations and agreed to a permanent injunction and to remediate the material weaknesses in its internal control over financial reporting. Celadon has also agreed to pay $7 million in disgorgement, which will be deemed satisfied by Celadon's payment of restitution in an action announced today by the Department of Justice. The settlement is subject to court approval.

The SEC's case against Celadon is the latest in a line of actions brought against companies or their executives for committing accounting fraud, by entering into sham agreements with third-parties, suppliers or customers, including SEC v. Tangoe, Inc. et al., 3:18-cv-01479 (D. Conn. 2018); SEC v. Axesstel, Inc., et al., 3:18-cv-01486-L-AGS (S.D. Cal. 2018); SEC v. Bhushan Dandawate, No. 18-cv-4927 (N.D. Ill., 2018); SEC v. Quadrant 4 System Corp., et al., No. 17-cv-4883 (N.D. Ill., 2017).

The SEC's investigation, which is continuing, is being conducted by Jaclyn Janssen, Trevor Schumacher, Jonathan Polish, Thomas E. Vincus, and Amy S. Cotter of the Chicago Regional Office.

The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of Indiana, the Department of Justice, Fraud Section, Criminal Division, the Federal Bureau of Investigation's Indianapolis Division, and the U.S. Postal Inspection Service.

[First Crown Research]

some big dumps at the end of the day followed only by tiny trades at the last second to have a better closing price. What more tricks will be pulled before next monday?

[First Crown Research]

considering im the only one on here....warning to other users when this files bk and the pump and dumpers come on here claiming of book value, they wont know what theyre talking about.

[First Crown Research]

According to the 1904321th amendment:

"“Maximum Outstanding Amount” means (i) as of the Fifteenth Amendment Effective Date, an amount equal to $236,809,000 and (ii) as of April 15, 2019, an amount equal to the lesser of (x) $135,809,000 or (y) $236,809,000 minus the Actual Reduction Amount"

They got at most 72m in proceeds to pay down this down from 236, which means the lesser will most likely be the 135m..... and that they need another 30m in 10 days

[First Crown Research]

APA and 8k filed. they got rid of 2150 dry vans, 60 flatbeds, 121 day cabs and 240 sleeper cabs

[First Crown Research]

this deff is one of the more frustrating shorts i've come across. Seems like April 15 could really be the day though. A lot depends on the 8-k that gets filed re: the latest amendment..... no lie it has been smart for the lenders to give them this grace period to sell their assets off more outside of bankruptcy, but it just goes to show the lenders don't want a conversion into equity. they want cash

[First Crown Research]

the lenders need to clamp down on this. they've extended and pretended for too long. They know they're not getting their money back. This thing is heading lower